Ann Arbor, MI, May 16, 2014 — Consumer sentiment fell in the first half of May, according to the University of Michigan Consumer Sentiment survey.
May’s preliminary reading came in below expectations at 81.8 compared to 84.1 in April’s report and 80.0 in March.
The index’s measure of current conditions dropped to 95.1 from the 98.7 in April – the lowest since November 2013.
The initial gauge future conditions fell to 73.2 from 74.7 in April.
“Perhaps the more important question is whether consumer confidence will show greater resistance to the backslides that have repeatedly occurred in the past few years,” survey director Richard Curtin said in a press release.
“Resilience is dependent on positive long term economic expectations. While near term expectations have improved substantially, longer term expectations for personal finances as well as the overall economy have not improved as much.”